Rogue Appraiser and Loser 3rd party Vendor, LSI

Know who you are partnering with… this is my lesson of the month! So, the story begins, I am on vacation in late May and I get a buyer referral. After an awesome conversation, I send them an email with a referral to a Lender. In June and early July they complete the loan application process, go through Underwriting and all is well so in Mid July the wife flies cross country and we go under contract for a fabulous townhome. In desirable Decatur/Emory area. Over 2500 sq feet of sheer luxury, beautiful finishes 4 bedroom and 3.5 Baths.

The loan officer does everything perfectly… only their 3rd party vendor management company LSI (  ) fails to get the appraisal done timely… 24 days from contract. Then after chasing around the rogue appraiser who claims to have been trying to contact me (LIE) finally after 10 days delivers a poor, incorrect, sloppy, inaccurate appraisal and the valued at 15K less than 5 other homes the same size sold for in the last 4 months.
Hello, Decatur Emory people he noted your homes as declining values. Oh and he touted the area as having an oversupply of inventory.
Of course I confronted the guy he gives all appraisers a really bad name. He is forced by the company LSI to reconsider value which he increases to 222K and corrects some of his mistakes… not all including he relied on tax records for certain comps. So, not only do I compel him in writing to do the right thing I attempt to provide him with accurate info, which he continued to fail to use.
My aggravation is this process is stressful enough when everyone does all they can to make it work. My Buyer did not need to spend nearly $600 to fly from Oregon to Atlanta for no closing. The wife is stressed from a major move and as hard as we are all working together Chase Loan Officer, Client and myself and on the other side Attorney, Realtor, Seller… all is thwarted by the Rogue Appraiser and the 3rd party vendor LSI, who provides horrible customer service. For an appraisal paid for by my Buyer! REALLY?
So, here is my theory… LSI is a middle man who is supposed to be providing integrity to the appraisal process due to so much mortgage fraud. HAHA that is me rolling on the floor laughing at the stupidity of the 3rd party vendor notion.This causes a break down in communications between all parties and they now cant even articulate what the process looks like step by step, to get the Buyers to a closing table. So, rarely today can I provide cookie cutter clean comps no investors, no short sales just 5 sales in 4 months of same size homes, similar finishes etc… Listing and knowing what to offer would be so simple with clear cut data like this. Finally 20 days after the date on the appraisal  the Buyer says get another Lender so we can get an accurate appraisal and get closed!
As Buyers, I know you hate the details of “why” things happen, just “get it done”.
See, I am sharing because this is a repeat problem with LSI in June I almost tore my hair out when it took them eight days to upload an appraisal this was not cookie cutter it was Historic Marrietta so I was holding my breath as we got the appraisal on the LAST day of the contingency.

This is the kind of uncalled for nonsensical stress created by LSI that harms relationships between Lenders and Realtors , who generate the referrals. I feel horrible for all the lost time that can not be recovered by a stellar loan officer and me.

Shame on professionals that muddy their industry’s reputations.   Sorry, LSI, you are too big for your pants, and Chase You should be ashamed too the buck stops with you… no way to allow your Loan Officer to be treated and allowing your customer to pay for the Rogue appraisers work and stress to the borrower. SAD DAY!

~ by agentdebby on August 25, 2011.

3 Responses to “Rogue Appraiser and Loser 3rd party Vendor, LSI”

  1. Thanks for mentioning the name of the vendor. The info is priceless but without the name is only a great warning.

  2. […] but we finally closed on our townhouse! I will spare you all the convoluted and laborious details (if you want to read what our realtor wrote you can here) and just say it was by the grace and favor of God! Thanks for all the prayers throughout this […]

  3. Please also use your Twitter account in responding! Thanks

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